Latest News
House Panel Backs Troop Retirement Overhaul Despite Vets’ Objections
A key defense panel in the U.S. House of Representatives voted to overhaul troop retirement benefits despite objections from members who served in the military. The House Armed Services Committee early Thursday morning voted 60-2 to approve the 2016 National Defense Authorization Act, which included the future retirement change as part of a policy and spending blueprint for the fiscal year beginning Oct. 1.
The legislation will head to the full chamber for a vote by mid-May but would still have to be agreed to by the Senate and signed by President Obama before becoming law. The bill would offer service members a 401(k)-style retirement plan by 2017 with matching contributions and full vesting after two years. Some veterans groups have embraced the proposal, while others have opposed it. Read more…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.